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MTECHTIPS:-Oil prices fall to 4-week low with dollar, U.S. supply data in focus
MTECHTIPS:-Oil prices fall to 4-week low with dollar, U.S. supply data in focus
Crude oil futures fell to a one-month low on Wednesday, as traders continued to monitor the direction of the dollar while looking ahead to weekly data on U.S. stockpiles of crude and refined products later in the day. On the New York Mercantile Exchange, crude oil for July delivery hit an intraday low of $57.45 a barrel, the weakest level since April 29, before trading at $57.83 during U.S. morning hours, down 20 cents, or 0.36%. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.05% at 97.44. The index traded in a wide range between 97.01 and 97.87, the most since April 23. Dollar-denominated oil futures contracts tend to fall when the dollar rises, as this makes oil more expensive for buyers in other currencies. Demand for the greenback remained supported by the view that the Federal Reserve could start to raise interest rates later in the year if the economy continues to improve as expected. Meanwhile, the American Petroleum Institute will release its inventories report later in the day, while Thursday’s government report could show crude stockpiles fell by 2.0 million barrels in the week ended May 22.
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